The US Comptroller of the Currency OCC has told Congress he would use his offices power to review any candidate put forward by Wells Fargo as the scandal-plagued banks new CEO according to a report by Reuters Joseph Otting told the governing body that he would use legal powers usually reserved for the oversight of financially troubled lenders However the findings will not be made public a move that drew sharp criticism from US Senator Elizabeth Warren a presidential candidate who fought him on the issue during a Senate Banking Committee hearing At this point in time I do not have plans to release that information Otting told Warren during a contentious exchange Warren and others have said the OCC is not hard enough on Wells Fargo a claim that was disputed by Otting on Wednesday May 15 In the hearing Otting said he doesnt like how the bank is progressing toward fixing its risk management and leadership problems which have led to a number of issues for the bank including customer abuse scandals in its mortgage and auto lending business In 2016 Wells Fargo admitted it had potentially opened millions of unauthorized accounts in customers names Investigations from both inside and outside the bank have discovered numerous other issues and resulted in billions in fines and penalties Former CEO Tim Sloan left the bank in late March saying the spotlight on him had become too distracting Wells Fargo General Counsel C Allen Parker is the companys interim CEO The search for a CEO is expected to be more difficult in the wake of the scandals and also the regulatory and congressional oversight the bank is currently experiencing The bank wants to find someone outside of its sphere who can right the ship There is also an issue with how much the bank can pay a new CEO Reuters is reporting The Federal Reserve has placed a restriction on the bank to hamper its balance sheet growth until it can demonstrate that its risk management controls have improved Latest Insights Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation thats reshaping the payments and commerce ecosystem The 2019 Where Will We Bank Next Survey a PYMNTS and Green Dot collaboration surveyed more than 2 500 American consumers about their relationships with their banks and those with their favorite retailers to determine whether and why they would consider banking with non-FIs Our analysis examines in finer detail why they trust certain FIs and what would motivate them to adopt financial services offered by their favorite merchants B2B B2B Payments bank regulator bank scandal CEO elizabeth warren Joseph Otting News OC C wells fargo Whats Hot Whats Hot In B2B